Iron ore to keep on falling

Tuesday 5 August 2025

Ferrous pulling a Costanza in the last few days.

Goldman remains bearish.

While fundamentals are likely to remain supportive (specifically, consumption), providing a floor at $95/t, we expect stimulus headlines and anti-innovation policy- which drove the July short-covering rally – to disappoint.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.